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Bitcoin’s Market Share at its Highest since March 2017

There was a time when Bitcoin was the only cryptocurrency around, and this was away back. But altcoins have since then hit the market, and many have thrived. This has brought the dominance of bitcoin in the crypto space under threat. Bitcoin’s domination was never directly challenged by any of the altcoins, but at a point, especially after early 2017, it seemed inevitable that others will take over. Especially given the features that were brought by altcoin, in particular by Ethereum made bitcoin feel a bit outdated. Thing have drastically changed since then as many altcoins turn dead and other seeing a fall in the value, this coupled with the rise in the price of bitcoin has once again secured its domination (in valuation)

Why dominance rate is rising

Bitcoin has hit its highest domination rate of over 70 percent in over two and a half years, thanks largely to bitcoins support which has been above 9000 for some time. Another reason is the poor performance of other altcoins, many of them have turned up dead in the last few months. Even though crypto winter is over its effects are felt even today, investors are very conscious of their decisions and take a deeper look before getting their hands dirty. Bitcoin is the crypto that has been around the longest and the one that has the most name recognition has turned out to be the favorite of new investors. This has had a real serious impact on the market as most new capital flows into bitcoin, pushing its price up significantly in respect with other cryptocurrencies

The bull run that never materialized

It was expected that the growing global economic problems associated with the escalating trade wars will induce a bull run in the bitcoin market. Not only has the trade war escalated but it has yet to produce any effects on bitcoin price, this can be clearly seen from the up and down movement of price between $9,000 and $11,000. The trend which has continued for the last few weeks despite the rising trade war, traders just don’t seem to have the appetite for a higher price. Yet at the same time, they are not willing to trade below $9,000. The most worrying aspect is the price swings are happening despite smaller volumes. But most traders agree that a higher price is justified as long as the domination rate goes up, which has proven to be a really crucial element recently.

Where to from here

At a point during the crypto boom of 2017-2018 the market share of bitcoin, has even fallen to 32 percent. While the recovery of bitcoins dominance rate is good in many aspects it has also some down sides, this signals the end of altcoins as we know. Some might see it as a sign of markets maturing while others see it as the end of innovation in the crypto sphere. This is a new era in the cryptocurrency universe, after the crypto winter only the strongest coins have survived. And it seems Bitcoin has emerged as the strongest of them all.

Abishek is an Entrepreneur, Digital Nomad, Student, and ICO Marketing Manager currently based in Berlin & Champaign. He is actively involved in the Blockchain space and has worked in numerous projects in the Silicon Valley since 2017. His interests revolve around Finance, Consulting, and Blockchain Research.